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May 20, 2011

Extreme Multiple-Offer Situation Hits Sunset Home


For those too busy reading articles about the downfall of real estate, I bring you a from-the-field report of the latest wacky San Francisco housing happenings. Take a look at 1212 16th Avenue, a 2BR/2BA single-family home in the Inner Sunset near Lincoln that hit the market for $525,000 at the end of April.

The property was small and was more of a condo alternative. But the location was extremely convenient for the Sunset, and the home was move-in ready.

Apparently, many buyers thought the same thing. The seller received a total of 36 offers, and the house is in contract for almost $100,000 over the asking price. It was pretty clear to me that they’d listed low, but when 36 sets of buyers jump in, that’s a whole other level. If you’re thinking of selling your smallish home in the neighborhood, keep in mind that there are 35 different buyers who may be ready to make offers.

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